The Summit Federal Credit Union (The Summit) ended the week by raising the rate on its 1-year Jumbo Share Certificate (1.40% APY). The minimum opening deposit is $75k, with no stated balance cap.
In its more than five year history, the 1-year Jumbo Share Certificate has had over 25 rate changes, with this week’s increase resulting in the highest APY ever.
The 1-year Jumbo Share Certificate is also available as an IRA (Traditional, Roth, and CESA) earning the same APY, with the same funding requirements.
As stated in The Summit’s Rate Schedule and Agreement, the Early Withdrawal Penalty for Share Certificates with "Terms of more than 1 year or less - 90 days dividends."
The Summit’s field of membership is both residency and employment based.
Residency: Individuals who live, work, worship, volunteer, or attend school within the geographic boundaries of the western New York State cities of Buffalo, Geneva, Rochester, Syracuse, and Tonawanda; the towns of Amherst, Henrietta, and Tonawanda; and Cortland County, are eligible for membership. (FYI - the City of Tonawanda and the Town of Tonawanda are two distinct municipalities.)
Employment: Employees, retirees, or volunteers of one of Summit’s 950+ member companies are eligible for membership.
Relationship: Individuals who are related to, or share a permanent residence with a Summit member or potential member are also eligible for membership.
Joining The Summit can be done online, by mail-in application, or by visiting any of 17 New York branches, located in Buffalo, Cicero, Cortland (2), East Amherst, Fairport, Hilton, Liverpool, Penfield, Rochester (5), Seneca Falls, and Syracuse (2). The Summit has recently opened a new branch in Camillus, a suburb of Syracuse.
The Summit has added the Allpoint ATM network to their roster of surcharge-free ATMs.
Credit Union Overview
The Summit Federal Credit Union (NCUA Charter # 4580) has an overall health grade of "A" at DepositAccounts.com, with a Texas ratio of 2.42% (excellent) based on March 31, 2016 data. In the past year, The Summit has increased its total deposits by $44.2 million, an excellent annual growth rate of 6.7%. Please refer to our financial overview of The Summit Federal Credit Union for more details.
Headquartered in Rochester, The Summit Federal Credit Union was originally established in 1941 as the Rochester Telephone Federal Credit Union. In 75 years of continuous service, mergers with eight other credit unions helped to produce today’s vibrant Credit Union, with over 80,400 members and assets in excess of $795 million. If you are a history buff, The Summit has a very interesting 30-page booklet on the history of the Credit Union (and the local area), filled with some amazing photos. It’s well worth a look.
How the CD Compares
When compared to the 191 similar length-of-term CDs tracked by DepositAccounts.com that are available to western New York State residents, The Summit Federal Credit Union’s 1-Year Jumbo Share Certificate APY currently ranks first, regardless of minimum deposit.
The above rates are accurate as of 8/26/2016.